Section 10(5) of the Income Tax Act allows for certain tax exemptions on travel expenses provided by...
1. Key Provision
Section 37(2B)of the Income Tax Act, 1961, disallows any deduction for expenses incurred...
1. [Section 56(2)]: List of Incomes included under ‘Income from Other Sources’
There are many incomes...
1. Perquisites [(Section 17(2)]- Income under the head Salaries
Section 17(2) of the Income-tax Act,...
1. Income Tax Law
An understanding of the Income-tax law requires a study of the following:
(I) ...
Retirement planning is crucial for employees to ensure financial security post-retirement while minimizing...
Section 144A of the Income Tax Act, 1961, empowers the Joint Commissioner (JCIT) to intervene in pending...
1. Who is Exempt?
Resident Individuals aged 60 years or above(Senior Citizens).
Condition: Must not...
1. Overview
Section 115BBD provided a concessional tax rate of 15% (plus surcharge and cess) on dividends...
Introduction
The Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based tax...
1. Introduction to Section 70 –
The Indian Income Tax Act, 1961, provides various provisions for...
1. Basic Principle of Assessment
Clubbed income is assessed in the hands of the transferor (not the transferee)...
Section 10(23BBH) of the Income Tax Act provides a complete tax exemption for the income of Prasar Bharati...
Understanding of Section 54
When an individual sells a residential house property, they are liable to...
Section 10(37) of the Income Tax Act provides a capital gains exemption for individuals or Hindu Undivided...
Section 80C of the Income Tax Act allows individuals to claim deductions on certain investments and expenses,...
Education is an essential aspect of personal and professional growth. However, pursuing higher education...
When non-residents (NRIs/Foreign Investors) transfer shares/debentures of Indian companies, special tax...
Ministry of Finance
GOVERNMENT MAKES NEW TAX REGIME MORE ATTRACTIVE
STANDARD REDUCTION INCREASED FROM...
Compensation received under a Voluntary Retirement Scheme (VRS) or Voluntary Separation Scheme is partially...